Alliant FCU - Wow.

[STC]

I decided to do the Alliant hack. At 3 PM I opened the account online. At 3:10 I did a mobile deposit on my home computer and 3:15 applied for my shared secured loan. I deposited 2500 but only asked for 1500. But the 2500 showed up in my account instantly..

 

I have not been asked for any documents or anything. Although that could change, after all it's only been 20 minutes

[mfarmer]

I guess the purpose of this - assuming your deposit was legitimate - escapes me? Why do this? You're desperate for an installment loan to report, believing it will improve your credit!? You wanted to pay interest on the money you already had? Not getting this...

[Konrad2012]

I guess the purpose of this - assuming your deposit was legitimate - escapes me? Why do this? You're desperate for an installment loan to report, believing it will improve your credit!? You wanted to pay interest on the money you already had? Not getting this...

 

I'm currently paying 5% interest or something on $50 for the Alliant hack. It netted me ~25 points. I did it for fun, it costs me the same yearly as about 7 rounds of 5.56

[mfarmer]

Ah. Got'cha. Thanks for the explanation. I suspect, unless I apply for the mortgage I've been thinking of, I'll get more value out of the 5.56

[Konrad2012]

Ah. Got'cha. Thanks for the explanation. I suspect, unless I apply for the mortgage I've been thinking of, I'll get more value out of the 5.56

 

Actually the Alliant hack (or more precisely the share secured hack in general) won't help your mortgage scores. It's a FICO 08 thing.

 

And if you're looking for 5.56, Wikiarms has a bunch of listings for IMI and GGG M855 for $0.35/rd. All 2015 or 2016 stamped.

[STC]

I guess the purpose of this - assuming your deposit was legitimate - escapes me? Why do this? You're desperate for an installment loan to report, believing it will improve your credit!? You wanted to pay interest on the money you already had? Not getting this...

 

Uhh, yeah, my deposit was legitimate. Wrote a check from one account and deposited it to Alliant. Here's a post that explains it all: https://creditboards.com/forums/index.php?showtopic=576354

According to many on this board, YES it will improve my score - hence why I am doing it. If I pay 92% of the loan back I am thinking the wee bit of interest won't be too much.

[STC]

Too gauge this I just pulled MyFicos:

 

Equifax 758

TU 757

Experian 737

 

I am figuring i'll see this after they report the end of April so I'll check again maybe the 1st week of May

[mfarmer]

Yea, I rememer reading about this, now. Just struck me at the time to be a lot of work for a little bump... but ~25 points is a healthy increase. I'll follow along to see your results. Thanks, guys.

[STC]

Yeah truth be told I wasnt sure that I was going to do it. But the whole point of the thread was how easy Alliant made it. I am guessing they will call tomorrow but so far so good. Opening the account, making a deposit, and applying for the loan was under 20 minutes. But yeah i'll report back

[themanwhocan]

There isn't any advantage in getting a larger loan, so its probably best to stick with $500.

 

My Alliant installment loan was 2.90% interest rate for 4 years. I still owe $34.03 , so about 99 cents per year.

 

I went from having to garden for 6 months to get my FICO scores a little bit over 740, to being comfortably over 760 without gardening. Actually my most recent cards are 4 months old now, and Experian 08 is 774. I'll buy that for a dollar!

[STC]

There isn't any advantage in getting a larger loan, so its probably best to stick with $500.

 

My Alliant installment loan was 2.90% interest rate for 4 years. I still owe $34.03 , so about 99 cents per year.

 

I went from having to garden for 6 months to get my FICO scores a little bit over 740, to being comfortably over 760 without gardening. Actually my most recent cards are 4 months old now, and Experian 08 is 774. I'll buy that for a dollar!

It appears that's the case. I already did the loan request for $1500 so it is what it is at this point. In about a week or so I guess i'll owe about 140 bucks on it so the interest wont be much more than yours. I did a higher amount just for the heck of it really. Figured it wouldn't hurt. May not help either but we'll see how it all plays out in the weeks ahead.

[STC]

Just got off the phone with Alliant. Loan approved and will be funded within the hour. No docs, no id, no nothing.

 

So to make sure I am clear - I can pretty much just pay 92 percent off immediately???

[Konrad2012]

Just got off the phone with Alliant. Loan approved and will be funded within the hour. No docs, no id, no nothing.

 

So to make sure I am clear - I can pretty much just pay 92 percent off immediately???

 

Usually they send over eDocs after approval.

 

Yes you can pay 92% immediately. Then after the first autopayment goes through make sure to cancel future ones.

[STC]

Thanks Konrad - you are correct (as always) had the e loan docs within minutes. Loan is already showing up on my account. That was just amazingly fast! I figured a few days here and there but did it all start to finish in under 24 hours.